<p>12 月 15 日（路透社）- 美国总统唐纳德·特朗普表示，他正在考虑签署一项行政命令，将大麻重新分类为一种危险性较低的药物，尽管他没有提供这一举措的时间表。</p><p>重新分类可能会减轻刑事处罚，并通过降低税负和使公司更容易获得资金来重塑大麻行业。</p><p>根据上周的媒体报道，特朗普预计将在周一尽快发布行政命令。</p><p>美国上市的大麻相关股票如 Canopy Growth (WEED.TO)、(CGC.O)、Organigram Global (OGI.TO)、SNDL (SNDL.CD)、Aurora Cannabis (ACB.O)、Trulieve Cannabis (TRUL.CD) 和 Tilray Brands (TLRY.O) 收盘下跌幅度在 4% 到 13% 之间。</p><p>然而，这些股票仍然</p><p>高于</p><p>上周有关可能重新分类消息传出时的水平。</p><p>以下是这一举措可能对公司产生的影响。</p><p>重新分类意味着什么？根据美国《受控物质法》，大麻被列为第一类物质，如海洛因，意味着它具有高滥用潜力且没有当前被接受的医疗用途。去年，拜登政府要求卫生与公共服务部审查大麻的分类，该机构建议将其移至第三类，这是一个适用于具有中等到低风险的物质的类别，如类固醇。</p><p>毒品执法局必须审查该建议并决定是否重新分类。</p><h3>税收影响是什么？</h3><p>重新分类的最大好处之一是，大麻公司将不再受美国联邦税法第 280E 条款的约束。</p><p>该条款禁止处理第一类和第二类受控物质的企业申请税收抵免和商业费用扣除。</p><h3>行业将会发生什么？</h3><p>第三类分类可能为大麻生产商打开银行接入，吸引机构投资者，降低税收，并促进并购。</p><p>获得资金仍然是大麻生产商面临的最大挑战之一，因为联邦限制使大多数银行和机构投资者无法进入该行业，迫使大麻生产商转向高成本贷款或替代贷方。</p><p>国会也在讨论进一步的行动。2023 年提出的《安全与公平执行监管银行法案》（SAFER）将确保所有企业，包括州批准的大麻企业，能够获得存款账户、保险和其他金融服务。</p><p>接下来会发生什么？TD Cowen 的分析师表示，全面合法化仍不太可能，原因是国会缺乏有意义的支持，以及毒品执法局（DEA）在仅通过重新分类方面的限制。</p><p>他们表示，特朗普更可能恢复重新分类的努力，这将允许政府进行监管。</p><p>然而，一些分析师表示，重新分类不会改变太多。</p><p>根据股权研究公司 Zuanic &amp; Associates 的说法，大麻仍将是联邦非法的，州际贸易将不被允许，各州决定自己市场规则的孤立系统仍将适用。</p>

TCNNF

TLRY

极光大麻

<p>美国总统特朗普正在考虑签署行政命令，将大麻重新分类为一种危险性较低的药物，这可能会减轻刑事处罚并重塑大麻行业。这一重新分类可能会降低税负并改善大麻公司的融资渠道。然而，由于国会支持有限，全面合法化仍不太可能。重新分类可能会解锁银行接入并吸引投资者，但大麻在联邦层面仍将是非法的，州际贸易也将不被允许</p>

<p>Dec 15 (Reuters) - U.S. President Donald Trump said he is considering signing an executive order to reclassify marijuana as a less dangerous drug, though he offered no timeline for the move.</p>
<div class="lb-trans"><p>12 月 15 日（路透社）- 美国总统唐纳德·特朗普表示，他正在考虑签署一项行政命令，将大麻重新分类为一种危险性较低的药物，尽管他没有提供这一举措的时间表。</p>
</div><p>A reclassification could ease criminal penalties and reshape the pot industry by lowering tax burdens and making it easier for firms to secure funding.</p>
<div class="lb-trans"><p>重新分类可能会减轻刑事处罚，并通过降低税负和使公司更容易获得资金来重塑大麻行业。</p>
</div><p>Trump had been expected to issue an executive order as soon as Monday, according to media reports last week.</p>
<div class="lb-trans"><p>根据上周的媒体报道，特朗普预计将在周一尽快发布行政命令。</p>
</div><p>U.S.-listed cannabis-linked stocks such as Canopy Growth (WEED.TO) , (CGC.O) . Organigram Global (OGI.TO) , SNDL (SNDL.CD) , Aurora Cannabis (ACB.O) , Trulieve Cannabis (TRUL.CD) and Tilray Brands (TLRY.O) closed down between 4% and 13%.</p>
<div class="lb-trans"><p>美国上市的大麻相关股票如 Canopy Growth (WEED.TO)、(CGC.O)、Organigram Global (OGI.TO)、SNDL (SNDL.CD)、Aurora Cannabis (ACB.O)、Trulieve Cannabis (TRUL.CD) 和 Tilray Brands (TLRY.O) 收盘下跌幅度在 4% 到 13% 之间。</p>
</div><p>The stocks, however, remain</p>
<div class="lb-trans"><p>然而，这些股票仍然</p>
</div><p>above the levels</p>
<div class="lb-trans"><p>高于</p>
</div><p>they were at when news of the possible reclassification broke last week.</p>
<div class="lb-trans"><p>上周有关可能重新分类消息传出时的水平。</p>
</div><p>Here is what such a move could mean for companies.</p>
<div class="lb-trans"><p>以下是这一举措可能对公司产生的影响。</p>
</div><p>WHAT DOES RECLASSIFYING ENTAIL? Under the U.S. Controlled Substances Act, marijuana is listed as a Schedule I substance, such as heroin, meaning it has a high potential for abuse and no current accepted medical use. Last year, the Biden administration asked the Department of Health and Human Services to review marijuana’s classification, and the agency recommended moving it to Schedule III, a category for substances with a moderate to low risk of physical or psychological dependence, such as steroids.</p>
<div class="lb-trans"><p>重新分类意味着什么？根据美国《受控物质法》，大麻被列为第一类物质，如海洛因，意味着它具有高滥用潜力且没有当前被接受的医疗用途。去年，拜登政府要求卫生与公共服务部审查大麻的分类，该机构建议将其移至第三类，这是一个适用于具有中等到低风险的物质的类别，如类固醇。</p>
</div><p>The Drug Enforcement Administration must review the recommendation and decide on the reclassification.</p>
<div class="lb-trans"><p>毒品执法局必须审查该建议并决定是否重新分类。</p>
</div><h3>WHAT WOULD BE THE TAX IMPLICATIONS?</h3>
<div class="lb-trans"><h3>税收影响是什么？</h3>
</div><p>One of the biggest benefits of a reclassification would be that cannabis firms would no longer be subject to Section 280E of the U.S. federal tax code.</p>
<div class="lb-trans"><p>重新分类的最大好处之一是，大麻公司将不再受美国联邦税法第 280E 条款的约束。</p>
</div><p>That provision prevents businesses dealing in Schedule I and II controlled substances from claiming tax credits and deductions for business expenses.</p>
<div class="lb-trans"><p>该条款禁止处理第一类和第二类受控物质的企业申请税收抵免和商业费用扣除。</p>
</div><h3>WHAT HAPPENS TO THE INDUSTRY?</h3>
<div class="lb-trans"><h3>行业将会发生什么？</h3>
</div><p>Class III classification could unlock banking access for pot producers, attract institutional investors, reduce taxes, and spur mergers and acquisitions.</p>
<div class="lb-trans"><p>第三类分类可能为大麻生产商打开银行接入，吸引机构投资者，降低税收，并促进并购。</p>
</div><p>Securing funding remains one of the biggest challenges for cannabis producers, as federal restrictions keep most banks and institutional investors out of the sector, forcing pot producers to turn to costly loans or alternative lenders.</p>
<div class="lb-trans"><p>获得资金仍然是大麻生产商面临的最大挑战之一，因为联邦限制使大多数银行和机构投资者无法进入该行业，迫使大麻生产商转向高成本贷款或替代贷方。</p>
</div><p>Congress has also been debating further action for some time. The Secure and Fair Enforcement Regulation Banking Act (SAFER) bill, introduced in 2023, would ensure that all businesses, including state-sanctioned cannabis businesses, will have access to deposit accounts, insurance, and other financial services.</p>
<div class="lb-trans"><p>国会也在讨论进一步的行动。2023 年提出的《安全与公平执行监管银行法案》（SAFER）将确保所有企业，包括州批准的大麻企业，能够获得存款账户、保险和其他金融服务。</p>
</div><p>WHAT COMES NEXT? TD Cowen analysts had said full legalization remains unlikely, citing a lack of meaningful support in Congress and limits on how far the Drug Enforcement Administration (DEA) can go through rescheduling alone.</p>
<div class="lb-trans"><p>接下来会发生什么？TD Cowen 的分析师表示，全面合法化仍不太可能，原因是国会缺乏有意义的支持，以及毒品执法局（DEA）在仅通过重新分类方面的限制。</p>
</div><p>They said it is more likely that Trump will revive the reclassification effort, which would allow the government to regulate it.</p>
<div class="lb-trans"><p>他们表示，特朗普更可能恢复重新分类的努力，这将允许政府进行监管。</p>
</div><p>Some analysts, however, say a reclassification will not change much.</p>
<div class="lb-trans"><p>然而，一些分析师表示，重新分类不会改变太多。</p>
</div><p>Cannabis will remain federally illegal, interstate trade will not be allowed, and the silo system of each state deciding its own market rules will still apply, according to equity research firm Zuanic &amp; Associates.</p>
<div class="lb-trans"><p>根据股权研究公司 Zuanic &amp; Associates 的说法，大麻仍将是联邦非法的，州际贸易将不被允许，各州决定自己市场规则的孤立系统仍将适用。</p>
</div>

EXPLAINER-How US marijuana reclassification could help cannabis companies

- 美国总统特朗普考虑签署行政命令，将大麻重新分类为低风险药物。  
- 重新分类可能降低税负，改善融资环境，促进行业发展。  
- 目前大麻仍为联邦非法，州内市场规则各异。  

解读：美国大麻重新分类如何能帮助大麻公司